Kidbrooke Partnership LLP – a joint venture between Notting Hill Genesis and Transport for London (TfL) – has secured a £12.7m Green Development Loan from HSBC UK to deliver a new scheme in Kidbrooke
The socially and environmentally sustainable Kidbrooke development will deliver more than 600 new homes, along with a new village square with new shops and green walkways.
The funding, which is aligned to the Loan Market Association’s ‘Green Loan Principles’, will be used for the construction of phase one of the project.
This part of the scheme comprises 413 London Affordable Rent, shared ownership and private sale apartments. In total, 619 homes will be built as part of the scheme – with 50% affordable housing.
The partnership will sustainably regenerate an underutilised four-acre brownfield site, with a new nursery, an improved transport hub and a new village square.
The site, which is due to complete in 2027, will also incorporate nature as part of the design with green walkways and will retain parts of the existing woodland.
The Kidbrooke development and partnership forms part of TfL’s wider commercial development programme.
‘Creating much-needed sustainable homes’
Graeme Craig, director of commercial development at TfL, said: “With enabling works on site close to completion, we’re excited to be starting the first phase of main works construction, working with Notting Hill Genesis, to deliver hundreds of new affordable homes, thanks to this Green Development Loan from HSBC UK.
“It demonstrates confidence in our approach of working with leading housing developers to use our land to create much-needed new homes with sustainability at their core, which will also generate long-term income for London’s public transport network.”
Jake Brodetsky, joint venture partnerships director at Notting Hill Genesis, commented: “Our priority is always to provide quality homes and thriving communities, but we also believe protecting the environment is an integral part of a high-performing, successful organisation.
“Securing a green loan from HSBC UK is great news for us, our partners, our residents and the wider community alike. It’s a vindication of the huge efforts made by us and TfL to ensure our Kidbrooke project is sustainable and minimises any environmental impact.”
Hugh Taylor, head of housing for HSBC UK, added: “This deal gives Notting Hill Genesis and TfL the funding and confidence needed to successfully complete the delivery of their first phase of works, building 413 new homes, as the capital begins to recover from the pandemic.
“Once complete, the redevelopment of Kidbrooke will provide affordable homes, vital for attracting London’s first-time buyer market and to meet Greenwich’s significant housing need.”
Construction for phase one of the programme, which will commence in June 2021, is being delivered by contractor Ardmore.